We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …

managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …

performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year … -- implying that top executives in Germany have longer tenures than their counterparts in the U.S. and Japan. Turnover of the …

learning algorithm. The algorithm uncovers two distinct behavioral types: "leaders" and "managers". Leaders focus on multi …-function, high-level meetings, while managers focus on one-to-one meetings with core functions. Firms with leader CEOs are on average …

This paper studies to what extent the transfer of US managerial technologies to Europe after World War II contributed … promoted management training trips for European managers at US firms. Through the analysis of reports compiled by UK, France …, Germany, and Italian participating firms, I first document that these companies claimed between 5 and 10% yearly productivity …

This paper uses the first three waves of the Gallup World Poll to investigate differences across countries, cultures …

-lasting. Finally we study a cross section of nations in 2005 from the World Gallup Poll and find that the past 45 years of economic …